Long GBPNZD

Fundamentals:- The improved GDP from New Zealand last week really helped the downside in the GBP/NZD pair. Although the GDP figure was good it does not change the fact that CPI in NZ is still very low and the recent rate cut from the RBNZ brings into light the posibility of another in the next meeting. UK CPI is due out next week and expected to be better with a growth of 0.4% if the reading beats expectation we can expect to see a rally on this pair.
Technical's - From the Daily chart you can see a nice pin bar rejection from the rising trendline and buyers coming back into the market with the engulfing candle on Friday. I am looking for a slight pull back then entering long with a target of 2.2000 the previous confluence area. Stop losses should be below the currenct daily candle and incorporate some of the previous pin bar candle. Learn how to trade for free http://bankonadam.com